Author: FinTax
1. Introduction
On January 19, 2026, the New York Stock Exchange announced that it is developing a blockchain-based tokenization securities trading platform, which is planned to launch after obtaining regulatory approval. Nasdaq's previously submitted proposal for a rule change regarding tokenized securities is also under review by the SEC.
As the two major trading giants on Wall Street simultaneously lay out their blockchain strategies, and as cryptocurrencies intersect with traditional systems, it is no longer a question of "if," but rather "how." To deeply understand the significance of this transformation, this article will first clarify the core essence of securities tokenization, compare the plans and strategic logic of the two exchanges, and explore the impact of this trend on the cryptocurrency market and the variables worth noting.
2. The Starting Point of Transformation: What is Securities Tokenization
Securities refer to various legal certificates that record and represent certain rights. Securities tokenization refers to the process of converting traditional financial assets (such as stocks, bonds, fund shares, real estate, etc.) into digital tokens through blockchain technology, with these tokens representing ownership, income rights, or other related rights to the underlying assets.
Securities serve to prove that their holders are entitled to the rights and interests as recorded in their certificates. The method of recording has undergone several evolutions. Initially, there was the era of paper stock certificates, where investors held a physical certificate. Later, it transitioned to the electronic bookkeeping era, where stocks became a record in the Depository Trust Company (DTC) database. The current discussion of securities tokenization involves moving this record onto the blockchain, forming a digital token.
The DTC is the core clearing and settlement institution of the U.S. securities market, and almost all stocks traded in the U.S. are ultimately registered and settled through the DTC. The DTC's database records information such as holders and share quantities, serving as the "ledger" of the U.S. securities market. Understanding the role of the DTC is crucial for understanding the differences in the plans of the two exchanges discussed later.
After grasping the essence of securities tokenization, the next question is: what different answers do the two exchanges provide in the face of the same trend?
3. Two Paths: A Comparison of NYSE and Nasdaq's Plans
3.1 NYSE: Establishing a New On-Chain Trading Venue
The NYSE plans to establish a brand new, independent tokenized securities trading platform. This platform will operate in parallel with the existing stock trading system but will use blockchain technology for post-trade clearing and settlement.
The core features of this platform can be summarized in four aspects:
First, all-day trading. The existing U.S. stock market is only open during specific hours on weekdays (from 9:30 AM to 4:00 PM New York time), while the new platform plans to support uninterrupted trading 24 hours a day, 7 days a week.
Second, instant settlement. The existing stock market uses a T+1 settlement system, meaning that trades executed today will only complete the final delivery of funds and securities on the next business day. The new platform plans to achieve instant settlement after trade completion, allowing for faster capital turnover and lower counterparty risk.
Third, stablecoin financing. The platform will support fund settlement using stablecoins (a type of digital currency pegged to the U.S. dollar with relatively stable value), meaning investors can complete fund transfers and settlements outside of traditional banking hours.
Fourth, fractional share trading. The platform will allow investors to purchase stock shares based on dollar amounts rather than having to buy whole shares; for example, investors can buy $50 worth of Apple stock without having to pay the price of a whole share.
The NYSE has made it clear that holders of tokenized stocks will enjoy the same rights as traditional shareholders, including dividends and voting rights. In other words, this is not a synthetic asset or derivative, but rather a transfer of real securities rights onto the blockchain.
3.2 Nasdaq: Adding Tokenization Options to the Existing System
Nasdaq's approach is entirely different from that of the NYSE. Nasdaq does not intend to establish a new trading venue but rather to add a tokenized settlement option within the existing trading system.
Nasdaq's Head of Digital Assets, Matt Savarese, explained in an interview: "Investors can choose to hold stocks in a tokenized form on the blockchain or continue using the traditional account system. The essence of the stock remains unchanged; the trading codes and unique security identifiers (CUSIP) are completely consistent, and tokenization is fully interchangeable and equivalent to the traditional form."
Specifically, when investors buy and sell stocks on Nasdaq, the trading process remains exactly the same—same order book, same prices, same trading rules. The only difference lies in the settlement phase after the trade is completed: investors can choose to settle the transaction in the traditional way or opt for tokenized settlement. If they choose the latter, the DTC will register the corresponding stocks as tokens on the blockchain.
Nasdaq's tokenization feature will take effect once the relevant DTC infrastructure and necessary regulatory approvals are in place, with the earliest expected launch in the third quarter of 2026.
3.3 Differences Between the Two Plans
To understand the differences between the two, a simple analogy can be used: Nasdaq's approach is akin to adding a digital bookkeeping option at the counter of an existing bank branch, where customers still conduct business in the same way at the same branch, but choose to record their certificates on the blockchain; whereas the NYSE's approach is like opening a new 24-hour digital bank next to the existing bank branch, which uses a completely new technological system and can offer services that traditional branches do not support.
Furthermore, the differences in the plans of Nasdaq and the NYSE primarily manifest at the trading layer and the capital settlement layer:
- Trading Layer: NYSE establishes an independent platform, Nasdaq integrates into the existing system.
The NYSE adopts a "parallel market" model, where tokenized securities will trade in an independent new venue, and the same stock may be quoted on both the traditional main board and the tokenized platform simultaneously.
Nasdaq adopts a "unified market" model, where tokenized stocks share the same order book and price discovery mechanism as traditional stocks. This means that market liquidity will not be fragmented, and investors' trading experience will be identical to today.
- Capital Settlement Layer: NYSE offers instant settlement, Nasdaq uses T+1.
This is the most fundamental difference between the two plans.
Nasdaq relies entirely on the existing tokenization services of the DTC, using traditional funds. After a trade is completed, Nasdaq will pass the settlement instructions to the DTC—blockchain merely adds a layer of digital records on top of the existing registration system, rather than replacing it. The advantage of this structure is a clear compliance path and controllable systemic risk, but it also means that it cannot break through the limitations of the existing settlement cycle—Nasdaq has made it clear that initially, tokenized securities will still maintain T+1 settlement.
The NYSE, on the other hand, plans to achieve instant settlement (T+0) and intends to support stablecoin settlement, fundamentally breaking the limitations of business hours. The reason traditional markets require T+1 or even longer settlement cycles is that processes such as fund transfers, securities transfers, and clearing require time to process. The impact on capital efficiency is significant; according to SIFMA data, when the U.S. market shortened from T+2 to T+1, the NSCC clearing fund size decreased by about 29% (approximately $3.7 billion). In contrast, the efficiency gains from instant settlement are quite considerable.
4. Strategic Divergence: Why the Two Exchanges Choose Different Paths
The NYSE and Nasdaq have chosen distinctly different paths for securities tokenization, reflecting their differing judgments on risk, opportunity, and market competition. A deeper analysis of these strategic logics helps us understand the core considerations of traditional financial institutions in utilizing blockchain technology.
4.1 Different Trade-offs Between Innovation Space and Risk Isolation
Nasdaq's choice to integrate into the existing system has the advantage of speed in rollout, minimal market impact, and low initial investment. However, the cost is that the space for innovation is limited by the existing architecture, unable to provide differentiated features such as 24-hour trading and instant settlement. Essentially, Nasdaq is betting on "tokenization as an incremental feature"—it believes that most institutional investors will not abandon familiar trading processes in the short term, and the value of tokenization lies in providing options rather than disrupting the status quo.
The NYSE's choice to establish an independent platform prioritizes risk isolation. The new platform operates separately from the existing system, meaning that even if technical issues or regulatory disputes arise, it will not affect the normal operation of the NYSE's main board. At the same time, the independent platform can fundamentally support new features such as 24-hour trading and instant settlement, which are difficult to achieve under the existing system architecture. More fundamentally, the NYSE's move is positioning itself for the next generation of market infrastructure—once instant settlement becomes the industry standard, first movers will have significant technological and user advantages.
4.2 Compliance Strategies: Different Games Within the Regulatory Framework
Both exchanges place compliance at the core of their strategies but have taken different paths.
Nasdaq's plan aims to operate within the existing regulatory framework, with Nasdaq's Head of Digital Assets, Matt Savarese, emphasizing: "We are not disrupting the existing financial system; we are gradually advancing tokenization within the SEC's regulatory framework." Nasdaq maximizes the reuse of existing compliance structures, minimizing regulatory uncertainty.
The NYSE, on the other hand, has chosen a more ambitious path. Establishing a new trading venue, introducing stablecoin settlement, and conducting 24-hour trading—each of these could involve new regulatory issues. However, the NYSE believes that the current regulatory window is a rare opportunity—rather than waiting for rules to become completely clear and passively following, it is better to actively participate in shaping the rules. This posture of regulatory co-construction may gain first-mover advantages in a friendlier regulatory environment.
4.3 Ecological Positioning: Hub-type Platform vs. Value-added Service Provider
Nasdaq's positioning focuses more on providing value-added services to existing customers. Its plan essentially adds a technological option on top of existing business, allowing investors to choose a tokenized holding method. The advantage of this strategy is low customer migration costs and minimal adoption resistance, but it also means that Nasdaq's role in this transformation is more of a "follower" rather than a "definer."
The NYSE's strategy shows a stronger intention to build an ecosystem. Its platform plans to provide non-discriminatory access to all qualified broker-dealers, meaning the NYSE aims to become a hub connecting the traditional financial network with the digital asset world, activating the distribution capabilities of the entire traditional financial system. If successful, the NYSE will upgrade from a single trading venue to an infrastructure provider that spans both traditional and on-chain worlds, representing a business model with greater imaginative potential.
There is no absolute superiority or inferiority between the two strategies; their success largely depends on the external environment—especially the speed of changes in the regulatory environment. This leads to the next key question: what changes are occurring in the U.S. regulatory landscape, and how will these changes affect the prospects for the implementation of the two plans?
5. From Resistance to Momentum: The Shift in the U.S. Regulatory Environment
The proactive positioning of the two exchanges in tokenized securities is closely related to a fundamental shift in the U.S. regulatory environment, which has opened a window for traditional financial institutions to embrace blockchain due to improved regulatory expectations.
5.1 Regulatory Paradigm Shift: From "Enforcement-led" to "Rule-led"
In recent years, the SEC's regulation of crypto assets has left the industry with a lasting impression not of "rules," but of "enforcement"—with dense cases, ambiguous boundaries, and unstable expectations, innovation and compliance have long been in a tug-of-war. However, entering 2025, the SEC's narrative has shown a clear shift. It has begun to discuss more openly "how to bring capital markets on-chain" and is attempting to explore feasible compliance paths for tokenized securities, on-chain trading, and clearing using tools such as exemptions, pilot programs, and classified regulation. This shift stems from three recognitions: the consensus on the efficiency advantages of blockchain settlement; the urgent demand from institutions for instant settlement and all-day trading; and the undeniable economic and political influence that the crypto industry has formed.
5.2 Legislative Breakthroughs: The GENIUS Act and Stablecoin Compliance
On July 2025, the GENIUS Act was officially signed into law, marking the first federal legislation in the U.S. specifically addressing stablecoins. This act establishes a comprehensive regulatory framework for payment stablecoins, requiring issuers to maintain one-to-one reserves in U.S. dollars or other low-risk assets, and mandates monthly public disclosures of reserve composition, certified by the CEO and CFO.
Stablecoins are a key infrastructure for achieving instant settlement in the tokenized securities ecosystem. The NYSE has explicitly identified stablecoin financing as one of the core functions of its new platform. The passage of the GENIUS Act provides legal certainty for stablecoins, eliminating significant barriers for traditional financial institutions to participate in this field. This also explains why the NYSE is bold enough to incorporate stablecoin settlement into its plan—the legal uncertainties have been largely resolved.
5.3 Policy Coordination Between Administration and Regulation
On January 23, 2025, President Trump signed an executive order titled "Strengthening America's Leadership in Digital Financial Technology," which explicitly supports the responsible growth of digital assets and blockchain technology across various sectors of the economy and established the President's Digital Asset Market Working Group. At the regulatory enforcement level, in January 2025, the SEC formed a special task force on cryptocurrency, focusing on the entire process of digital asset issuance, trading, and custody. From legislation, administration to regulatory enforcement, the U.S. government's attitude towards digital assets has shifted from cautious observation to active guidance. This policy synergy provides indispensable institutional support for the tokenization strategies of the NYSE and Nasdaq.
The clarity of the regulatory environment not only affects the implementation of the plans of the two exchanges but will also profoundly reshape the landscape of the entire cryptocurrency market. How will this trend change the flow of funds, infrastructure, and compliance boundaries in the crypto market?
6. Market Impact and Future Outlook
6.1 Fund Flow: A New Channel for Institutional Investment
With clearer regulatory expectations, market participants are shifting from defense to offense, and the boundaries between DeFi and CeFi are becoming blurred. For institutional investors, the tokenization plans of the NYSE and Nasdaq provide a compliant and trustworthy entry point. A securities token trading platform operating entirely within the regulatory framework and bearing the NYSE's prestigious name is highly attractive to institutional funds that prioritize compliance and security. This means that a significant amount of capital that has previously been hesitant due to compliance concerns may accelerate its entry into the tokenized asset space. Existing cryptocurrency trading platforms may face pressure in the short term. However, in the long run, the NYSE's actions effectively enhance the credibility of the entire asset tokenization sector, accelerating the clarity of regulatory rules and the maturity of the market.
6.2 Infrastructure: Paradigm Shift in Settlement and Trading Mechanisms
Real-time settlement will reshape margin calculation models and significantly reduce counterparty risk. The traditional geographical and temporal arbitrage spaces will be compressed, and 24-hour trading will change the way global markets interact. Additionally, on-chain liquidity aggregation will create new market depth, potentially leading to the emergence of hybrid models combining professional market maker pools, AMMs, and order books.
6.3 Compliance Boundaries: From "Gray Areas" to "Clear Rules"
The entry of traditional financial institutions will compel the entire industry to elevate compliance standards. As strictly regulated entities, the tokenization plans of the NYSE and Nasdaq must comply with existing securities regulations, setting a compliance benchmark for the industry. Meanwhile, regulatory agencies are actively formulating specific rules for tokenized securities, gradually narrowing the industry's "gray areas."
6.4 Risks and Issues
From a technical perspective, seamlessly integrating mature traditional trading systems with blockchain technology is a complex system engineering challenge. The transaction processing capacity of blockchain networks, interoperability between different chains, and the security of smart contracts all need to be addressed, with vigilance required against risks such as immature cross-chain security technology and new forms of on-chain market manipulation.
Despite the significant improvement in the regulatory environment, attention must still be paid to the risks of regulatory fragmentation. The delineation of jurisdiction between the SEC and CFTC is still being clarified, and mutual recognition of rules across jurisdictions has yet to be established.
In terms of market habits, changing the inertia formed over decades in financial markets is not an overnight task. Legal, compliance, and risk control teams of institutional investors will need time to assess and trust this new model. The continuous operation of the market also means that volatility may increase, requiring higher risk control capabilities from investors.
6.5 Variables Most Worthy of Investor Attention
In the short term (1-2 years), focus on the progress of regulatory approvals: Nasdaq's plan is expected to launch as early as the third quarter of 2026, while the NYSE has not yet announced a specific timeline, only stating that it will launch after obtaining regulatory approval. The DTC tokenization pilot is set to officially start in the second half of 2026.
In the medium term (3-5 years), pay attention to the evolution of market structure: the scale of tokenized assets is expected to achieve breakthrough growth, and the role of market makers will undergo fundamental changes. The compliance technology race will revolve around programmable compliance protocols, mutual recognition across jurisdictions, and privacy computing.
In the long term (5 years or more), watch for the transformation of regulatory paradigms: regulatory focus may shift from "institutional regulation" to "protocol regulation," with code compliance becoming the standard. Innovative governance models will emerge, including tokenized proxy voting and real-time governance mechanisms.
7. Conclusion
In 1792, the NYSE was established under a sycamore tree on Wall Street, and over two hundred years later, it is beginning to transition from physical to on-chain. As Nasdaq stated in its proposal, the U.S. stock market has undergone a transformation from paper certificates to electronic bookkeeping, and tokenization can be seen as the latest chapter in this evolutionary process. In this historic transformation, the biggest winners will be those entities and individuals who can transcend the boundaries of traditional and crypto thinking, finding optimal solutions in the dynamic balance of regulation, innovation, and market.
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